Unstable Values in Lifesaving Decisions

Although preferences and their underlying values are assumed to be stable by classical economic theory, empirical research has often shown deviations from normative principles and documented how preferences under risk are constructed and even shaped by seemingly irrelevant factors. What is remarkable about the construction of preference is its ubiquitous presence in nearly every decision-making domain. In accord with this idea, we argue that values (and valuations) can also be constructed and are therefore unstable. This is particularly evident in situations where valuations depend on affective responses (e.g., valuations of other people at risk). The research documenting mental imagery and attention as underlying processes of affective responses and research showing individual differences as moderators of these processes help explain why we do not hold stable values for saving human lives. Descriptive models show that our responses to people at risk are not always rational nor immune from biases common to other forms of preference. We suggest that the processes leading up to inconsistencies in valuations are strongly related to affect and affect regulation strategies. While most of us would probably agree that every life should be valued highly, our behaviors toward people in danger are often inconsistent with this belief.